UK-based Weavr, allowing businesses to embed banking and payments into their mobile app or SaaS platforms, has bagged US$ 9.7 million in a Seed funding round led by Headline on 11 July 2021.
Investors: The investment round featured Headline as the lead investor with participation from existing investors Seedcamp, QED Investors and Anthemis Group. The startup, in total, has secured US$ 14.4 million to date.
Purpose of the funding: The proceeds from the new funding round will be deployed to speed the internalization and product development and initiate integrating financial services into businesses’ digital services.
About Weavr
Founded by Alex Mifsud and Adrian Mizzi in 2018, Weavr provides enterprises with an opportunity to enhance their customer experience through a range of APIs. As a result, the service sector corporations can effortlessly integrate with banking products and create accounts, issue cards, or transfer funds. Weavr’s users are given the requisite tools to craft, structure and operate their personal in-app financial offerings. Since the early day of its launch, Weavr has concentrated on assisting non-financial applications to provide financial services apart from their central offerings. The startup claims to have surpassed its Q1 growth targets by 250%, on the back of adding clients in a broad range of non-financial businesses, which includes education, real estate, health and wellness. The high-end services offered by the firm have earned its customers, namely Finway, Thanks Ben and MySkillCamp.
What the Founder has to say: “As the world commences viewing the global trends stimulated by the pandemic and the opportunities originating from enduring shifts in consumer and business preferences, embedded banking possesses the immense capacity for the future of job, the shrinking use of cash, and the fusion of financial services into every kind of online establishment.”- Alex Mifsud, Co-Founder and CEO of Weavr.
What the Investors have to say: “Compliance is the central concern of the enterprise, Weavr is significantly mitigating the uncertainty and financial dedication essential to initiate and upgrade embedded banking offerings. The company has incredible potential to reshape digital banking for the service domain.”- Michael Kent, Venture Partner at Headline.
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